By Janine Perrett

My, the I-word got a good workout yesterday.

(Innovation, is the word in case you have been living under a rock or turning down the sound whenever our esteemed leader PM Turnbull is speaking).

It kicked off with a world first in the Australian Day of STEM (science, technoloy, engineering and mathematics). The idea came out of the recent meeting of the Australian American Leadership Dialogue founded by Melbourne businessman Phil Scanlan and the idea is to encourage young students and educators into the crucial STEM skills.

Then there was the exuberant Innovation Minister Christopher Pyne opining on possible tax changes to foster start-ups - everything on the table from capital gains tax breaks to relief on tax losses and the prospect of US style Chapter 11 bankruptcy. (Clive Palmer will be happy).

He also announced with much fanfare that Innovation Australia has a new chief in Bill Ferris; new to the job maybe but hardly an innovation himself given how long he has been around. The government even described him as "veteran" venture capitalist.

Some even called him the father of venture capital here...grandfather might be more appropriate given he started his first firm in the 1970's.

Now I'm not being ageist but I did want to be even handed given I used to criticise Tony Abbot's business advisors, Maurice Newman and Dick Warburton as being relics of the last century.

Obviously Mr Ferris' area of expertise is more suited to this century and he brings much needed real life experience but we should not forget that it is a sector that is really being driven by the younger generation...well younger than the 1970's.

Having said that, most of the money that is going to back the new generation is coming from the older ones in Mr Ferris' network. Presumably he will surround himself with the next generation of venture capitalists as well.

He also mentioned he was advising the government on their imminent Innovation statement, so ditto the sentiment about the new generation also being brought into the inner circle.

And maybe Mr Ferris will distinguish himself from Messers Newman and Warburton  by not railing against climate change and other new-fangled ideas and issues.